Netflix, AMEX And Two Leading Accounting Firms Sever Ties With Russia

March 6 – Netflix, the global entertainment streaming service, leading accounting firms KPMG and PwC, and financial firm American Express cut ties with Russia on Sunday as the country’s conflict with Ukraine escalated.

The latest fighting blocked efforts to evacuate 200,000 people from the besieged Ukrainian city of Mariupol for the second day in a row on Sunday, as Russian President Vladimir Putin vowed to push ahead. More

Netflix Inc has suspended operations in Russia, a company spokesman said. Earlier this week, Netflix temporarily suspended all future projects and acquisitions in Russia as it assessed the impact of Moscow’s invasion of Ukraine. More

“Given the circumstances on the ground, we have decided to suspend our service in Russia,” a Netflix spokesperson said.

Sunday’s announcements follow a number of other Western companies, including sneaker maker Nike Inc, Swedish home goods retailer Ikea and French handbag maker Birkin Hermes, to close stores or offices or go out of business as trade and supply restrictions heightened political pressure. for companies to stop business in Russia.

Netflix has previously said it has no plans to add state-run channels to its Russian service, despite a ruling that requires it to distribute state-backed channels.

American Express Co (AXP.N) said it was suspending all operations in Russia and Belarus.

The sun sets behind the skyscrapers of the Moscow International Business Center, also known as Moscow City, in Moscow, Russia on April 23, 2018. REUTERS/Anton Vaganov

“In light of Russia’s ongoing unwarranted attack on Ukrainian residents, American Express is suspending all operations in Russia,” the credit card company said in a statement on its website. More

Two Big Four accounting firms KPMG and PricewaterhouseCoopers LLP (PwC) said Sunday they will no longer have a branch in Russia due to the country’s incursion into Ukraine.

Audit and consulting services giant KPMG said its firm in Russia and Belarus will leave the KPMG network, affecting more than 4,500 partners and employees in Russia and Belarus.

PwC has also agreed to leave the PwC network in Russia. The firm has been operating in Russia for over 30 years and has 3,700 partners and employees there.

“As a result of the Russian government’s invasion of Ukraine, we have decided that, under the circumstances, PwC should not have a member firm in Russia and, therefore, PwC in Russia will leave the Network,” PwC said in a statement.

TikTok, the Chinese video app, said Sunday it would suspend live streaming and video uploads to its platform in Russia as it considers the implications of a new media law Putin signed on Friday.

“We have no choice but to pause live streaming and new content for our video service while we consider the security implications of this law,” the social network’s Twitter series read. This decision will not affect in-app messaging.

On Saturday, the US government denounced a new law that threatens up to 15 years in prison for spreading what the Kremlin calls “fake news.” More

Reporting by Akriti Sharma in Bangalore and Chris Gallagher in Washington DC; Anna Driver’s letter; editing Diane Kraft

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